5 Ways People with Poor Credit Can Purchase a Home in Farmington Hills Most individuals with bad credit wouldn’t dream of buying a home. But, believe it or not, it is possible to purchase a home and get a great interest rate as well. Here are 5 types of loans that you can get, even if you don’t have the greatest credit. Your lender will know which one is best for you: ● Conventional loans with a minimum credit score of 620 – conventional mortgages that are backed by the FHFA (Federal Housing Finance Agency) ● FHA loans with a minimum credit score of 500 – dating back to the mid-1930’s, FHA loans are the original “poor credit” home loans ● Homebuyer assistance programs with a minimum credit score of 580 –minimum credit scores rarely enforced; standards of accompanying mortgages are adopted instead ● USDA loans with a minimum credit score of 620 – a no-down-payment loan that’s designed buying homes in low-density suburbs and rural areas ● VA loans with a minimum credit score of 580 – no-down-payment mortgages for active-duty military and veterans back by the Department of Veterans Affairs For more information about purchasing a home with poor credit, speak with a reputable lender today. MMS Mortgage Services, Ltd. 38275 West 12 Mile Road #100, Farmington Hills, Michigan 48331 https://maps.google.com/maps?cid=17636774335061292863